Labor to Double Tax Rate for Pension Fund Accounts With Over $3 Million

An elderly couple walk through a park in Sydney, Australia on, April 30, 2017. AAP Image/Paul Miller

Australians with more than $3 million (US$2.02 million) stowed away in their pension funds (superannuation) could see tax increases on money over that benchmark under Labor’s new policy announced on Feb. 28.

Prime Minister Anthony Albanese and Treasurer Jim Chalmers say their proposal would affect 0.5 percent of the population—around 80,000 individuals—while 99.5 percent of Australians would be unaffected.